Gelex Reports Robust Nine-Month Financial Performance Driven by Strategic Asset Optimization and Core Manufacturing Growth

The Joint Stock Company Gelex Group (HOSE: GEX) has officially released its consolidated financial statements for the third quarter of 2026, revealing a continuation of strong upward momentum across its primary business segments. For the first nine months of 2026, Gelex recorded a consolidated net revenue of VND 39,158 billion, marking a substantial increase of 40.5% compared to the same period in the previous year. Profitability expanded at an even faster pace, with profit before tax reaching VND 3,931 billion—a 14.2% year-over-year rise—while net profit after tax climbed 16.7% to settle at VND 2,817 billion. These figures demonstrate the conglomerate’s disciplined execution, effective management of high-quality assets, and operational agility in navigating dynamic macroeconomic conditions.

Strong Third-Quarter Performance Propels Full-Year Target Achievement

A closer examination of the third-quarter financial results highlights the accelerating trajectory of Gelex’s core operations. During the July–September period, the group generated VND 13,957 billion in net revenue, representing a robust 41.8% expansion year-on-year. Gross profit experienced an even sharper surge of 51.6%, hitting VND 2,778 billion. This outpaced revenue growth due to a notable improvement in the consolidated gross profit margin, which widened from 18.6% in the third quarter of 2025 to 19.9% in the current reporting period. Profit before tax for the quarter alone stood at VND 1,316 billion, representing a 5.03% increase over the comparative timeframe last year.

These stellar quarterly outcomes have positioned Gelex comfortably ahead of its annual schedule. By the end of September 2026, the corporation had successfully completed 87.6% of its ambitious full-year revenue projection while surpassing its annual profit-before-tax target by 8.8%. Financial analysts note that this performance underscores the effectiveness of Gelex’s strategic pivot toward high-margin manufacturing sectors and integrated infrastructure solutions, enabling the group to absorb external market volatility while sustaining consistent bottom-line expansion.

Core Subsidiaries Exceed Annual Targets Ahead of Schedule

Within the broader Gelex ecosystem, key sub-holdings such as Gelex Electric (GEE) and Gelex Land (GEL) played instrumental roles in driving the group’s nine-month success, with both entities surpassing their respective annual profit-before-tax targets well ahead of schedule. Gelex Electric reported a stellar 32% increase in core profit, reflecting the successful synergy between internal manufacturing capabilities and shifting market demands. Meanwhile, Gelex Land outperformed its profit targets by an impressive 52%, heavily supported by positive contributions from its industrial park real estate and construction materials segments.

The strong performance of these subsidiaries is reflective of a broader macroeconomic tailwind, particularly in Vietnam’s electrical equipment and industrial real estate sectors. The rising domestic demand for electrical infrastructure, utility upgrades, and foreign direct investment (FDI) manufacturing facilities has created an ideal operating environment for Gelex’s manufacturing units.

Electrical Equipment Segment Capitalizes on Domestic and Export Demand

The domestic and international demand for electrical equipment has maintained a steep upward curve, driven by intensive national grid expansion projects, urban infrastructure developments, flagship public works, and the continuous construction of manufacturing plants by both domestic enterprises and global FDI corporations. Furthermore, the active exploration of export markets has unlocked fresh avenues of growth for local manufacturers operating within the Gelex network.

To fully capitalize on these opportunities, electrical equipment subsidiaries under the Gelex umbrella have systematically upgraded their production capacities, optimized operational workflows, localized raw material sourcing, and refined their product lines. These proactive initiatives have allowed manufacturers such as CADIVI and other group affiliates to meet increasingly stringent standards regarding scale, product quality, and delivery schedules.

Industry experts point out that the 32% surge in Gelex Electric’s core profit is a direct manifestation of this formula: combining internal operational excellence with favorable structural market shifts. Factory-level innovations, such as workforce-led technical initiatives and automation enhancements, have continuously elevated productivity and reduced operational friction across manufacturing plants.

Industrial Park Infrastructure Expansion Meets Surging FDI Inflows

In the industrial real estate sector, demand has been robustly supported by expanding manufacturing operations and strong inflows of foreign capital. According to Vietnam’s General Statistics Office, utilized FDI in the first nine months of the year reached $21.07 billion, representing a 12.1% increase and marking the highest comparable period figure in five years. Concurrently, the Index of Industrial Production (IIP) for processing and manufacturing grew by 12.9%. These decisive shifts have driven unprecedented demand for industrial land plots, ready-built factories, supporting logistics infrastructure, and specialized electrical equipment required for plant operations.

Viglacera, a major enterprise within the Gelex ecosystem, has continued to aggressively expand its land bank and develop high-standard industrial infrastructure to absorb this incoming capital. Recently, Viglacera broke ground on Industrial Park No. 01 – Green One in Hung Yen province, while actively preparing for the commencement of new industrial park projects, including Tay Pho Yen in Thai Nguyen and Phu Ninh in Phu Tho.

In alignment with global sustainability standards, these new projects are intentionally designed as smart, green industrial ecosystems. By integrating digital technologies, smart logistics, and renewable energy solutions, Gelex and Viglacera are directly addressing the increasingly rigorous demands of multinational investors who prioritize environmental compliance, operational efficiency, and low-carbon footprints.

Strategic Restructuring and Asset Optimization Enhance Operational Efficiency

The demand for construction materials has similarly benefited from heightened public investment and nationwide infrastructure deployment. Total social investment capital during the nine-month period rose by 15.1%, buoyed by the accelerated pace of public disbursement and the rapid construction of key national transport networks and real estate projects.

To capture these opportunities, Viglacera initiated a comprehensive restructuring process starting in 2025, aimed at streamlining organizational structures, eliminating redundant intermediary layers, increasing technical specialization, and tightly integrating resource pools. Concurrently, the enterprise has accelerated automation, reduced energy consumption intensity, and innovated smart green building materials to align with evolving market tastes.

These structural adjustments have enabled Viglacera to maximize the utility of its extensive factory network, proprietary technologies, and established brand equity. As a result, the enterprise has successfully captured higher value-added segments as traditional construction material markets experience post-pandemic recovery and modernization.

Financial Health and Credit Ratings Underscore Long-Term Stability

At the group level, Gelex has maintained a disciplined approach to capital allocation, ensuring that funding is strategically distributed to viable, high-impact projects across its core portfolio. The group’s enhanced capability to access international capital markets has provided vital financial backing for its multi-year investment roadmap.

Notably, in the industrial infrastructure segment, Gelex’s strategic partnership with Frasers Property has infused international expertise into project planning, operational management, and green infrastructure solutions. This collaboration is specifically tailored to meet the exacting standards of multinational FDI tenants participating in complex cross-border supply chains.

As of September 30, 2026, Gelex’s total assets stood at VND 83,379 billion, representing a 13.4% increase compared to the beginning of the year. Key financial metrics regarding leverage and liquidity remain well within safe, prudent thresholds, reflecting a resilient balance sheet capable of supporting future expansion.

Reinforcing market confidence in the group’s financial trajectory, credit rating agency VIS Rating recently reaffirmed Gelex’s long-term credit rating at A with a Positive outlook. This rating reflects the agency’s assessment of Gelex’s proven ability to expand profitability, steadily improve operating cash flows, and strengthen key financial ratios over the medium term.

With a well-diversified asset portfolio anchored in sectors with strong structural tailwinds, proactive corporate governance, and proven prowess in forging strategic partnerships, Gelex remains exceptionally well-positioned to sustain its growth momentum and deliver long-term value to shareholders and investors in the years ahead.